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Dow turns 567 point loss into 567 point gain as stocks rally

Published by Anonymous (not verified) on Wed, 02/07/2018 - 12:00am

Associated Press

NEW YORK (AP) — U.S. stocks rallied Tuesday as a late surge helped them regain almost half their losses from the day before, when they had their biggest plunge in 6 ½ years. That came at the end of a day of huge swings for the market.

Major indexes in Asia and Europe took steep losses and U.S. markets started sharply lower, only to repeatedly change direction. After its 1,175-point nosedive Monday, the Dow Jones industrial average lost 567 points right after trading began. After numerous turns higher and lower, it wound up with a gain, coincidentally, of 567.

Despite the turbulence, Tuesday’s trading looked similar to the patterns that have shaped the market for the last year: investors bought companies that do well when economic growth is strongest. Gainers included technology companies, retailers like Amazon and Home Depot, and industrial companies and banks.

Bond yields turned higher after a sharp drop Monday. As a result, the biggest losses went to high-dividend companies such as utility and real estate companies, which investors often buy as an alternative to bonds. When bond yields rise, those stocks become less appealing to investors seeking income. The yield on the 10-year Treasury note rose to 2.80 percent from 2.71 percent.

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A preferred scenario amendment to allow a nearly 7-acre development on Peques Street, off of Sessom, went before the Planning and Zoning Commission Tuesday night.

Doucet and Associates requested a zoning change for the 6.73 acres from Single Family (SF-6), which is meant to allow single-family detached houses with minimum lot sizes of 6,000 square feet, to T5 SmartCode, which accommodates higher density mixed-use developments including retail, offices, rowhouses and apartments.

According to the packet from Austin-based student housing developer Core Spaces, the highintensity development would be a five-story building with 703 beds and hundreds of parking spaces.

According to the city, it would be the only high-intensity development in the area. Commissioners expressed concern with the already dense traffic along Sessom and the potential environmental effects of the project – noting that construction would involve a lot of grading and disruption to the hillside and laying more concrete could cause more runoff from that development.

Yes, it would add more housing to the area.

No, the area presents too many potential traffic, environmental and neighborhood issues.